Ponzi Scheme, LEE, One Hundred Million Dollars discussed on The Jordan Harbinger Show

Automatic TRANSCRIPT

Ultimately, I I that at the players extended credit, and I covered if people didn't cover so clearly I wasn't going to guarantee one hundred million dollars at an have one hundred million dollars. Right. I guaranteed up to a certain number in the game. And then I and then I sat them all down. And I said you guys he I'm collecting the game is collecting this. I five no matter. What? Right. And then you guys that the other ninety five or whatever lunatic number, you decide to to to go in for is between you, you know. Because otherwise my game is just a Ponzi scheme right up. I if I'm guaranteeing one hundred million dollars, and I don't have one hundred million dollars, that's fraudulent. So I can only guarantee up to a certain number per game. I I was I was managing risk. And I was looking at it formulaic Lee. And you know, I I really like was managing the whole the economics of it. But you know, if he didn't pay that night that are he didn't pay that week five million dollars than I would then I would have to write that check. That would have been you must not have slept. So well that night imagine. I don't know if I if I slept well, the entire duration, but I will tell you what I had a pretty decent insurance policy in that as long as I made sure that I had the best product right that I had the best game that I had the game that you could get paid out. No matter what the credit was solid because that's not the case on the streets. You know, most of the game renters are playing they're losing. You never know how much they're into for. So and their most the game runners, we're running Ponzi schemes in that they had to get paid in order to pay out. You know? So I had a fully capitalized game. I had no pros most most of the guys would let in prose because they would pay their rake up until the last like six months, I had no rake it was all based on tips. I would be very strategic about who. I sat around the table because I knew there was nine seats. And I knew that this was more than a poker game. This was an opportunity to hobnob. Up with people like professional, athletes, and and big celebrities. And and also it was a very vibrant and rich opportunity to do business movies got made at that table. Hedge funds got started. So as long as I had this this product this game that was so far above everything else..

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